FTX has now recovered $5B in cash as bankruptcy proceedings continue

TL;DR

Crypto exchange FTX has now recovered over $5 billion in cash, digital assets and liquid assets so far, the company’s lawyers said during a bankruptcy court hearing Wednesday, as former CEO Sam Bankman-Fried (C) faces investigations from three federal agencies.File Photo by Louis Lanzano/UPI | License PhotoJan. 11 (UPI) -- Crypto exchange FTX has now recovered more than $5 billion in cash, digital assets and liquid assets so far, the company's lawyers said during a bankruptcy court hearing Wednesday.Late last month, the Justice Department charged Bankman-Fried with two counts of wire fraud conspiracy, two counts of wire fraud and one count of conspiracy to commit money laundering Each charge carries a maximum 20-year prison sentence.FTX filed for bankruptcy Nov. 11, while Bankman-Fried is facing charges from three different agencies: the Justice Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.The SEC alleged that Bankman-Fried "orchestrated a years-long fraud to conceal" the diversion of FTX customers' funds into his privately held crypto hedge fund Alameda Research."

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